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Income Tax Appellate Tribunal, “K” Bench, Mumbai
O R D E R Per B.R. Baskaran (AM) :-
The appeal filed by the Revenue is directed against the order dated 13.11.2014 passed by the Assessing Officer for A.Y. 2010-11 u/s. 143(3) read with section 144C(5) of the Act, pursuant to direction given by Dispute Resolution Panel (DRP).
The Revenue is aggrieved by the decision of DRP in holding that the assessee would qualify for grant of benefit of plus/minus 5% margin as per
2 M/s. PubMatic India Private Limited proviso to section 92C(2) of the Act and thereby the addition of Rs.57.88 lakhs is liable to be deleted.
At the time of hearing, learned AR appearing for the assessee submitted that the quantum in dispute is ` 57.88 lakhs and the tax payable thereon works out to ` 17.88 lakhs only. The Learned AR submitted that the Revenue is precluded from pursuing this appeal as per Circular No. 3/2018 dated 11.7.2018 issued by CBDT, as the tax effect involved in this appeal is less than ` 20 lakhs.
With regard to the cross objection filed by the assessee, learned AR submitted that she is not pressing the same.
We heard learned DR and perused the record. The tax effect involved in this appeal is less than ` 20 lakhs and the Learned DR could not point out from the available material that the issue contested in this appeal falls in any of the exception provided in paragraph 10 of this Circular. Hence the Revenue is precluded from pursuing this appeal as per Circular issued by CBDT (referred supra). Accordingly, we dismiss this appeal in limine. However, the revenue is given liberty to move miscellaneous application seeking recall of this order, if it is found that the issue contested in this appeal falls in any of the exception provided in paragraph 10 of the Circular.
Since, assessee did not press the cross objection, the same does not require adjudication.
In the result, appeal filed by the Revenue and the cross objection filed by the assessee are dismissed. Order has been pronounced in the Court on 8.8.2018.